批签发数据显示，公司人用狂犬病疫苗的市场份额从2019年的73.08%骤降至2024年的36.29%。价格方 面，产品单价从2020年的215.6元/人份降至2024年的约61.18元/支，降幅显著。尽管公司另一产品乙脑 灭活疫苗收入稳步增长，但仍无法抵消狂犬疫苗下滑带来的整体营收缺口。 目前国内已有23种上市人用狂犬病疫苗，另有19种处于临床阶段，竞争白热化导致企业普遍采取降价策 略。成大生物在招股书中曾揭示产品结构单一的风险，如今这一风险正在兑现。 近日，辽宁成大生物股份有限公司宣布终止"b型流感嗜血杆菌结合疫苗"（Hib疫苗）的研发。这已是本 月内该公司第6个宣告终止的疫苗子项目。在国产疫苗市场竞争日趋激烈的背景下，这家曾经凭借人用 狂犬病疫苗占据市场主导地位的企业，正面临核心产品收入萎缩、新研发管线收缩、业绩连续三年下滑 的多重挑战。 战略收缩：一月终止六项目，研发重心转向联苗 成大生物在2021年IPO募集资金净额43.41亿元，其中"人用疫苗研发项目"计划涵盖20个子项目。但截至 2025年10月31日，该项目已投入募集资金4.82亿元，近期却密集终止包括Hib疫苗在内的6个子项目。 公司解释称， ...

Core Viewpoint - Liaoning Chengda Co., Ltd. reported strong financial performance in the first half of 2025, with significant revenue and profit growth driven by its biopharmaceutical, financial investment, and trade sectors [1][2][3]. Financial Performance - In H1 2025, the company achieved operating revenue of 5.348 billion yuan and a net profit of 718 million yuan, marking a year-on-year increase of 56.18% [1]. - The financial investment segment, primarily from Guangfa Securities and China Insurance, generated investment income of 1.076 billion yuan and 86.3 million yuan, with year-on-year growth of 53.19% and 143.94%, respectively [7][8]. Biopharmaceutical Development - Chengda Biopharmaceutical achieved operating revenue of 707 million yuan and a net profit of 122 million yuan in H1 2025, with a 100% pass rate for vaccine product approvals [3]. - The company signed a cooperation agreement with a leading AI technology firm to establish an "AI + Vaccine R&D Joint Laboratory," enhancing its research capabilities [2]. Trade Sector Performance - The domestic and international trade segment reported operating revenue of 4.634 billion yuan, a year-on-year increase of 3.20%, and a net profit of 22.38 million yuan, up 40.52% [4]. - The company is focusing on strengthening team building, resource integration, and market opportunity capture in its trade operations [5]. Financial Strategy and Resource Optimization - The new management team has been actively optimizing the company's debt structure and financing capabilities, issuing short-term financing bonds at competitive rates [8]. - The company aims to enhance its core competitiveness and financial resilience through strategic resource allocation and financial tool utilization [8].

Core Viewpoint - The company is facing a complex operating environment with a slight increase in revenue but a decline in net profit, emphasizing the need for strategic adjustments and risk management in its operations [8][10][11]. Group 1: Meeting and Voting Details - The shareholders' meeting is scheduled for June 13, 2025, with both on-site and online voting options available [2][5]. - The meeting will be presided over by Chairman Xu Biao, and shareholders registered by the cutoff date can attend and vote [2][3]. Group 2: Financial Performance - The company achieved a revenue of 11.289 billion yuan, a year-on-year increase of 4.70%, while the net profit attributable to shareholders was 210 million yuan, a decrease of 10.09% [8][10]. - The decline in net profit is attributed to decreased revenue from the biopharmaceutical segment and increased R&D expenses [9][10]. Group 3: Business Strategy and Development - The company is committed to a dual-driven development strategy focusing on the pharmaceutical and financial investment sectors, aiming to enhance operational stability and efficiency [8][16]. - Future plans include expanding vaccine product lines and exploring new business opportunities in biopharmaceuticals, with a focus on innovative vaccines and therapies [16][17]. Group 4: Governance and Compliance - The company has established a robust internal control system to ensure compliance with legal and regulatory requirements, enhancing corporate governance [13][28]. - The board of directors has held multiple meetings to ensure effective oversight and decision-making, maintaining transparency and accountability [13][28]. Group 5: Risk Management - The company is actively monitoring external economic conditions and industry trends to mitigate risks associated with market fluctuations and regulatory changes [21][24]. - Specific measures include optimizing customer structures and enhancing supply chain management to address potential credit risks and operational challenges [24][25].